Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued on Wednesday.

Several other analysts have also recently issued reports on the company. Zacks Investment Research raised Asanko Gold from a “hold” rating to a “buy” rating and set a $1.75 price objective on the stock in a report on Wednesday, July 19th. BidaskClub raised Asanko Gold from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 12th. ValuEngine raised Asanko Gold from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. Clarus Securities reaffirmed a “buy” rating on shares of Asanko Gold in a report on Friday, May 5th. Finally, CIBC cut Asanko Gold from a “sector perform” rating to a “sector underperform” rating in a report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $4.75.

Asanko Gold (AKG) traded up 6.1530% on Wednesday, hitting $0.9161. 424,139 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $1.42 and a 200-day moving average price of $2.31. Asanko Gold has a 12 month low of $0.78 and a 12 month high of $4.68. The stock’s market cap is $186.38 million.

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Several hedge funds have recently modified their holdings of AKG. Van ECK Associates Corp raised its stake in Asanko Gold by 11.4% in the first quarter. Van ECK Associates Corp now owns 41,652,253 shares of the basic materials company’s stock valued at $108,729,000 after buying an additional 4,276,240 shares during the last quarter. Donald Smith & CO. Inc. raised its stake in Asanko Gold by 44.1% in the first quarter. Donald Smith & CO. Inc. now owns 2,894,914 shares of the basic materials company’s stock valued at $7,556,000 after buying an additional 886,424 shares during the last quarter. OppenheimerFunds Inc. raised its stake in Asanko Gold by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 4,960,000 shares of the basic materials company’s stock valued at $13,017,000 after buying an additional 840,000 shares during the last quarter. Morgan Stanley raised its stake in Asanko Gold by 64.5% in the first quarter. Morgan Stanley now owns 1,315,142 shares of the basic materials company’s stock valued at $3,433,000 after buying an additional 515,632 shares during the last quarter. Finally, ASA Gold & Precious Metals Ltd raised its stake in Asanko Gold by 28.1% in the first quarter. ASA Gold & Precious Metals Ltd now owns 1,825,000 shares of the basic materials company’s stock valued at $4,782,000 after buying an additional 400,000 shares during the last quarter.

About Asanko Gold

Asanko Gold Inc is a gold producer. The Company has operations in the Republic of Ghana. The Company’s segments include Canada and Ghana. The Company’s principal asset is the Asanko Gold Mine (AGM) located in Ghana, West Africa. The Company’s Project 5M will upgrade the plant’s throughput to five metric tons per annum and expand mining operations to integrate the Esaase deposit, including the construction of a 27-kilometer overland conveyor.

Analyst Recommendations for Asanko Gold (NYSEMKT:AKG)

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